Benzinga | Aug 6, 2020 11:43AM EDT

Why Trimble's Stock Is Trading Higher Today

* Trimble (NASDAQ:TRMB) shares are trading higher on Thursday after the company reported better-than-expected second-quarter EPS and sales results. Following earnings, Needham maintained a Buy rating and raised its price target from $42 to $50.

* Trimble provides location-based solutions that are used in global positioning systems (GPS), laser, optical and inertial technologies. Its products portfolio includes 3D laser scanning, flow and application control systems, monitoring systems, water management, and navigation infrastructure. It also manufactures laser and optics-based products, and GPS products.

* The company serves various industries which include agriculture, architecture, civil engineering, survey and land administration, construction, geospatial among others. The company operates in four reportable segments namely, Buildings and Infrastructure, Geospatial, Resources and Utilities, and Transportation. It derives most of its revenues from the US and Europe with the rest coming from the Asia Pacific and other markets.

* Trimble shares were trading up 7.43% at $49.33 on Thursday during the time of publication. The stock has a 52-week high of $50.30 and a 52-week low of $20.01.